Evening Standard could be banned from briefings after jumping gun

London paper tweeted a picture of its front page shortly before George Osborne delivered his speech to parliament

Detail of front page of the Evening Standard that appeared on Twitter before Osborne had delivered his budget speech. Photograph: Evening Standard/PAClick on the image to see the full version Evening Standard/PA

The Treasury is expected to change its arrangements for briefing the media on the budget after the London Evening Standard published market sensitive details shortly before George Osborne delivered his speech to parliament.

The London paper is expected to be denied access to the special briefings given in advance of the year's two financial statements by the chancellor – the budget and the autumn statement – after it tweeted a picture of its front page.

The chancellor showed his irritation with the embargo breach by ordering Sir Nick Macpherson, the Treasury permanent secretary, to conduct a review of the pre-budget briefings.

The Treasury said: "The chancellor has asked the permanent secretary to conduct a review into the practice of the proactive pre-releasing of budget information under embargo on budget day which has operated in recent years. He has asked that this review report on the appropriateness of these arrangements."

It is understood that the review is likely to conclude that the Evening Standard should lose the special briefing it receives before the budget which is designed to allow a comprehensive report to hit the London streets as soon as the chancellor sits down.

There is an expectation that a separate briefing for the broadcasters will continue, allowing them to interpret and disseminate highly complex information quickly and accurately.

Osborne's fourth budget emerged in a rather more prosaic way. An embargo on an official Treasury briefing was broken when a junior journalist tweeted a picture of the newspaper's front page. The journalist was suspended.

The early publication was serious because it revealed the decision by the Office for Budget Responsibility to downgrade its growth forecast for 2013 to 0.6%. Such information before the chancellor has spoken could be worth a fortune in the wrong hands in the City.

Joe Murphy, the paper's political editor, tweeted an unequivocal apology. "We are so sorry to the House of Commons, to the Speaker and to the chancellor for what happened."

The editor, Sarah Sands, said: "An investigation is immediately under way into how this front page was made public, and the individual who tweeted the page has been suspended while this takes place. We have immediately reviewed our procedures. We are devastated that an embargo was breached and offer our heartfelt apologies."

In 1947, the Labour chancellor Hugh Dalton famously blurted out key details of his budget to a journalist. He had to resign the following day after telling John Carvel, of the defunct evening paper the Star: "No more on tobacco; a penny on beer; something on dogs and pools but not on horses; increase in purchase tax, but only on articles now taxable; profits tax doubled." Carvel's grandson, also John, later became a senior Guardian journalist.